Casper, WY · Member since 2018 · 11 posts · 1 vote
Why most people don't advice new investors to rehab a house with a foundation problem?
I am a new investor and I am thinking about buying a house but It has a foundation problem.
I need advice and recommendations
Thanks
Basheer
Casper, Wyoming
I think if the price of foundation fix is factor in your offer price, then it should work. But there maybe a possibility that water line may leak because of leveling the house, maybe sewer line leak, etc, hard to control the risk.
I think if the price of foundation fix is factor in your offer price, then it should work. But there maybe a possibility that water line may leak because of leveling the house, maybe sewer line leak, etc, hard to control the risk.
@Basheer Al kafaf as long as you buy at a low enough price to deal with the foundation issue it should not be a problem. A foundation problem may scare many investors away so you may be able to pick it up at a great price even considering the foundation issue.
A foundation issue can take a lot of money and time to fix and trust me you don't want to get into that trouble initially when you don't have a reliable team to work with. FYI, I am also fairly new to this business and I just said NO even after getting the property under contract at a great price last month because of a major structure problem.
Don't try too hard to make deals work. Say yes only if you're 100% sure about it until then patiently wait and keep working.
I just heard a quote on one of the podcast that goes something like this: A lot of success from "Hell Yeah" can be completely wiped out with just one "Oh ****".
Why most people don't advice new investors to rehab a house with a foundation problem?
I am a new investor and I am thinking about buying a house but It has a foundation problem.
I need advice and recommendations
Thanks
Basheer
Casper, Wyoming
The costs of repair can spiral outside of your allotted budget. That is the main risk. Then the cost of the delaying your exit strategy and which causes your holding costs to go up.
@Basheer Al kafaf, another big problem in WY with foundation problems is lack of qualified contractors to do the work, and a long holding period if you are wanting to sale. If you can fix them competently at a reasonable price there is opportunity.